|
Since 2018, a Zillow Home Value Index report highlights the
ongoing changes, including a typical home valued at $197,000
back then now selling at $286,000, effectively pricing many
families out of neighborhoods that were once affordably open to
them.
“If people aren't building new homes or aren't putting their
homes up for sale and there's no volatility in the market, that
reduces supply and drives up prices,” Glennon told The Center
Square. “Realtors have been saying for the past few years, ‘as
prices have risen, they just don't have the supply online.’”
Estimates are the state will need at least 227,000 new housing
units over the next five years to simply keep up with demand.
While the national average for active housing units before the
pandemic stands at 90%, Realtor.com reports Illinois has just
39% of its active units.
“We just got to make it easier for businesses and more inviting
to Illinois,” Glennon said. “I really think it's a matter of
making new construction friendly to builders, especially
apartment builders. You hear the big apartment builders and
owners constantly complaining about the bureaucracy that they
have to encounter for building new things.”
Glennon lists conditions like high taxes and added obligations
placed on employers such as overtime pay and family leave as
things that keep Illinois from being viewed as more
business-friendly.
“Those things drive employers,” he said. “That's an important
place to start, I think.”
Since 2018, all 26 Illinois metro areas have seen their housing
inventory decline.
|
|
